The company raised gross proceeds of $620,000 from the placement of 12,400,000 units priced at $0.05 per unit. Each unit consisted of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 24 months.

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The company raised gross proceeds of $620,000 from the placement of 12,400,000 units priced at $0.05 per unit.

Each unit consisted of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 24 months.

The shares are trading at $0.06.

Lomiko’s main asset is its 80% owned La Loutre property.

The 2,867 hectare La Loutre property is located approximately 53 kilometres east of Imerys Carbon and Graphite’s Lac-des-Îles Mine, North America’s only operating graphite mine, and 117 kilometres northwest of the International Sea Port of Montreal.

The March 2016 Technical Report and Mineral Resource Estimate on La Loutre Flake Graphite Property of 18.4 million tonnes of 3.19% Indicated and 16.7 million tonnes at 3.75% Flake Graphite Inferred with a cut-off of 1.5%.

The sensitivity table also features 4.1 million tonnes of 6.5% Indicated and 6.2 million tonnes at 6.1% Flake Graphite Inferred with a cut-off of 3%.

Further exploration in the Refractory Zone will be conducted before completing a Pre-economic Assessment.

Lomiko currently has a drill permit in place and a planned 25 hole program, with only 2 of 10 identified anomalies at La Loutre having been drilled.

A Paul Gill, President and CEO, recently stated: “It takes 10-15 times more graphite than lithium to create a lithium-ion battery for any number of uses including electric vehicle batteries. Leading analyst Industrial Minerals has indicated that Chinese suppliers of graphite to the electric vehicle market are ‘sold out’ of material indicating possible that stockpiling of the material is occurring.”

Demand for graphite to be used in the battery sector is expected to grow between now and 2020, driven by a positive outlook and rapid development of the downstream battery industry, according to Fabrizio Corti, business director for synthetic graphite at Imerys Graphite & Carbon.

For more information, please visit the company’s website, www.lomiko.com, contact A. Paul Gill, President and CEO at 604-729-5312 or email info@lomiko.com.